Kaman

Company purchased a building and land with a fair market value of

$575,000

(building,

$475,000

and land,

$100,000)

on January 1,

2018.

Kaman

signed a

25-year,

15%

mortgage payable.

Kaman

will make monthly payments of

$7,364.78.

Round to two decimal places. Explanations are not required for journal entries.Read the requirements

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.Requirement 1. Journalize the mortgage payable issuance on January 1,

2018.

(Record debits first, then credits. Exclude explanations from any journal entries.)

Date			Accounts	Debit	Credit
2018
Jan. 1

Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.)

	Beginning	Principal	Interest	Total	Ending
	Balance	Payment	Expense	Payment	Balance
1/1/2018
1/31/2018
2/28/2018

Requirement 3. Journalize the first payment on January 31,

2018.

(Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any journal entries.)

Date			Accounts	Debit	Credit
2018
Jan. 31

Requirement 4. Journalize the second payment on February 28,

2018.

(Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any journal entries.)

Date			Accounts	Debit	Credit
2018
Feb. 28

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